The company has raised another $250 million on Nasdaq, bringing to $657 million the amount raised since September.
Bengaluru, NFAPost: Leading Israeli electronic components 3D printing company Nano Dimension, which has raised an additional $250 million on Wall Street, all set for a large acquisition.
According to the press release issued by the company, the fund is raised by closing the previously announced registered direct offering of 33,333,334 of the Company’s American Depositary Shares (“ADSs”) at a price of $7.50 per ADS.
The Nasdaq listed company generated limited revenue but at the same time succeeded in raising $590 million in four offerings in the past month. Nano Dimension raised $657 million since the end of the third quarter as it takes advantage in the boom in tech shares on Wall Street.
It is interesting to note that the company’s share price went up 1,300% since March to give a market cap of $1.2 billion. The company’s market cap is similar to that of another Israeli 3D printing company Stratasys Inc, which had revenue of nearly $400 million between January and September 2020, while Nano Dimension had revenue of $1.5 million during that time.
Nano Dimension CEO Yoav Stern said the company is adjusting its focus in order to leverage the company’s strong cash on the one hand and the clam on the markets as a result of the continued influence of Covid-19.
“While Wall Street is behaving unstably at the moment, on ‘main street’ there is a continuing slowdown following the closure of factories and delays in capital expenditure. This is an environment that allows Nano Dimension to make effective use of the support of its shareholders,” Yoav Stern.
Yoav Stern said the company has at the moment two targets on which Nano Dimension is focusing primarily on speeding up and promoting research and development, and at the same time looking for a private company to acquire at the right price whose value has fallen, and that is synergetic.
According to the company sources, ThinkEquity acted as underwriters for the offering as it was the case with the previous capital offerings. The deal was supported by Advs. Oded Har Even, Reut Alfiah and David Huberman of the Sullivan & Worcester law firm.
Nano Dimension’s DragonFly LDM System is a one-stop solution for agile hardware development and innovative circuit design across a wide array of industries. It empowers companies to securely control entire development cycles through in-house additive manufacturing of PCBs and non-planar electronics with speed and precision, while reducing R&D costs.
With it’s Lights-Out Digital Manufacturing (LDM) printing technology, this is the industry’s only comprehensive manufacturing printing platform for round-the-clock 3D printing of electronic circuitry. The company pioneers 3D designs beyond IPC rules and Rapid prototypes of complex multi-layer designs. NaNoS, Nano Dimension AME printing services provides designers and engineers the freedom to design and produce free shapes that cannot be manufactured by any other printing method.
Looking at the emerging global demand, while raising the fund Nano Dimension announced the additional money raised will be used for working capital and general business need that could include ‘strategic opportunities,’ including the acquisition of companies. The amount of capital raised by Nano Dimension, which itself has very modest operations, suggests it is preparing for a large acquisition.
Six months ago Nano Dimension hired US investment bank Needham to advise on acquisitions, in the US in particular, so that it could add complementary products or technologies in the electronics sector in order to expand the company’s distribution channels.
Nano Dimension delisted from the Tel Aviv Stock Exchange earlier this year, before the major jump in the company’s share price, which followed a technological breakthrough with the company’s DragonFly device now able to print 3D printed circuit boards (PCBs).
Besides attracting fundamental new research opportunities without the boundaries of traditional manufacturing, the company’s cutting-edge technology is attracting the best students to pursue further research opportunities. Nano Dimension’s additive manufacturing of electronics solves many of the design challenges of the aviation industry. The AME technology enables lightweight and miniaturised design for the next generation of aviation and space products.
In the classified world of the defence industry, product confidentiality, manufacturing independence and rapid product iteration are critical. With increasing pressure to accelerate time-to-market, defence manufacturers are turning to additive manufacturing,
3D printing is already transforming the healthcare industry, from additive manufacturing of medical devices to producing functional preclinical parts. With the rising demand for smart, connected, autonomous and electrified vehicles, automotive industry manufacturers need fast, reliable solutions to build competitive products, using compact electronic components and sensors quickly and cost-effectively.
(The story is based on additional inputs from Globes, as Israel business news)
